He has won three caps and played 43 times for Porto this season, helping them win the Portuguese league title.

Pereira began his senior career with Vitoria Guimaraes before joining Porto in 2013, playing under current Leicester boss Claude Puel during a two-year loan spell with French club Nice from 2015 to 2017.

Puel said: "I'm delighted to have a player of Ricardo's quality on board for next season. I remember him well from my time at Nice."